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Essar Energy said it has replaced a $450-million bridge loan with a $300-million loan and $150-million from cash generated by the company. The bridge loan was due in December 2012. In general, loans are replaced (refinanced) with another loan when companies get a lower rate of interest. Essar has not disclosed the rate of refinancing. Essar Energy said the refinance was obtained from the same set of banks, who extended the bridge loan.
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